We’re not sure how a home that last sold for $669,000 in 2004 becomes a “million dollar home” other than in Realtor speak, but in terms of understanding trends we are digging the marked to market story the sale of 12 Minerva will tell (apples-to-apples-to-apples-to-apples-to-apples if you will).

Purchased for $365,000 in 1999, the four-bedroom home sold for $450,000 in 2000, then again for $550,000 in 2001 and $669,000 in August 2004. Back on the market today and asking $499,000 as a short sale.

The sale of 12 Minerva has since closed escrow with a reported contract price of $510,000, officially “over asking” according to industry stats but midway between its year 2000 and 2001 sale, 24 percent below 2004.
That being said, there was a tenant in place for the “perfect…investment property.”
∙ Marking 12 Minerva To Market For The Fifth Time In Eleven Years [SocketSite]

I guess it is nice to have a flat access road, but if Minerva level garages had been built instead, like the adjacent project, each house would have front yard terraces and a huge backyard. What a waste of expensive land.